Bank Insurance Policy
Bancassurance or insurance from banks is now a popular product among the banks.
As Bank Insurance Policy is a very profitable product hence many bank managers are assigned targets to sell bancassurance.
Bank Manager’ performance is reviewed on the basis of the policies they sell.
As banks are not insurance companies hence they act as an agent and get their plenty of commission from the insurance companies with the sale of these insurance policies.
Many insurance companies appoint their agents from the third-party contract or their own employees and make their sitting arrangements inside the branches to sell the insurance policies.
Many bank managers falsify the insurance policies to make them more lucrative for the customers so that they buy them without any hesitation.
They manipulate the facts and tell the customers how they can multiply their investment through high-profit rates offered in bancassurance.
Most of the customers do not read the terms and conditions by themselves hence they just listen to the bank managers and buy the product.
After a few months and a maximum of three years branch managers are changed and new managers negate the terms and conditions told by the previous managers to the customers who had bought the insurance policy.
As these insurance policies are usually long-term so most of the customers are fed up by regular paying off the premium every month.
Whenever they are in grave need they opt to break their insurance.
When customers break or surrender their insurance policies then most of the principal amount they have invested goes into bank charges.
In spite of getting profit on their investment in the insurance policy, they are fallen into a big loss.
Everything they were told at the time of purchasing the insurance policy seems to be wrong.
Hence customers must take care of the terms and conditions while purchasing an insurance policy from the banks and must read the terms and conditions by themselves so they could avoid any fraud.
There are different types of insurance policies offered by banks like health insurance policy, education insurance policy, life insurance policy and retirement insurance policy.
If you are also trapped in such an insurance policy and do not know how to get rid of it you may contact to Wafaqi Mohtasib Insurance in your region and file a complaint against the banks at this link